1. There are 7 firms with name Price waterhouse and 2 Firms with lovelock & lewes
2. All the Nine firms are members of PWC and PWC as such cannot practise in India
3. Mr. Talluri Srinivas & Mr. S Gopal Krishnan and Mr.Rama Krishna P are partners in Lovelock & Lewes
4. These 3 Chartered Accountants have signed for and on behalf of Price Waterhouse for several Companies such as GMR Infra, Lanco Infra and Satyam Computer Services Limited although they are not partners in Price Waterhouse
5. When we verified list of firms in the directory published by ICAI, the governing body of accountancy and auditing in India, we observed that fictitious partners are signing.
6. Moreover, the appointment of auditors of GMR, LANCO and Satyam, the address of the auditors firm is in Hyderabad, whereas as per the ICAI records none of the firms have Branch office at Hyderabad, this means that all the aforesaid companies have appointed a firm as auditors that does not exist as per the ICAI records. On further verification, we found that the firm has filed form 23B, form 23AC etc where in they submitted the firm PRICE WATERHOUSE BANGALORE's PAN Number. Price Waterhouse Bangalore has no branch office at Hyderabad. Nobody is able to understand how some one can file PW Bangalore's PAN number while the appointment by companies clearly states PW.
7. This anomaly might have existed for several years and never noticed by any of the statutory bodies including SEBI, Registrar of Companies, Income Tax Department, Stock Exchanges including SEC.
8. ICAI is not looking in this direction and simply issuing notices to a wrong firm.
9. The above infers that all the 100 odd companies for which Price waterhouse / lovelock & lewes audited are invalid and void ab-initio and SEBI as well as MCA should take immediate action as the investors at large of all the 100 odd companies have been misled by the Price waterhouse & lovelock & lewes
CAclubindia
